KencanaAgri apparently has broken down from a rising wedge formation. A rising wedge in general is bearish in nature. A broken down at $0.42 occurred on 23rd Nov 2010 and since then price has been trying to recover but lack the strength in doing so. A move above $0.45 would negate the rising wedge formation and continue the uptrend. Projected target of the breakdown could be $0.33.
Despite palm oil price has been rising lately, KencanaAgri should be beneficial to the rising palm oil price but stock lacked the strength to continue to move up.
Advise is to be cautious on KencanaAgri at the moment
